Putin launched the oil pipeline to the North Bay terminal as part of the Vostok Oil project

President Vladimir Putin launched the work of the main oil pipeline that leads to the new Sever Bay terminal in the Krasnoyarsk Territory. The facility is part of the large Arctic project Vostok Oil, RIA Novosti reports.

The launch of the oil pipeline will allow preparations to begin for the shipment of the first oil through the new terminal. It will be sent to buyers along Russian sea routes in the Arctic.

Putin spoke about the upcoming launch at the Eastern Economic Forum. The President then called the start of the oil pipeline a landmark event.

Vostok Oil is being implemented in Taimyr and includes the development of fields of the Vankor group, as well as new areas in the north of the Krasnoyarsk Territory. The resource base of the project is estimated at approximately 7 billion tons of liquid hydrocarbons.

As part of the project, a large-scale infrastructure is being created. It includes the Port Bay Sever oil terminal, oil pumping stations, an acceptance point with a tank farm and an oil pipeline system.

It is noted that the project should provide a new route for the export of Russian oil through the Northern Sea Route.